The only thing that can take yields down is a total retreat in equity prices.

We should see a retreat in prices after the US inventory data is released. That's because I expect a significant build in crude, in the range of five to six million barrels.

With steady supplies and high inventories, at some point prices are going to have to retreat.

As long as housing prices don't go down, consumers have more equity they can borrow against. If mortgage rates go up another 1.25 or 1.5 percent and pierce 7 percent -- watch out. That's when the housing bubble bursts and consumers would cut back on spending a lot.

The JGB market got a lift from a pullback in equity prices here, with bargain hunters emerging.

our royalties ? could be as high as 10 percent of total system prices.